Action Takers - What Are You Up To?

[phlgirl]

October goals:

• Complete refinance process on 3 investment properties (CH, RS & 6) - completed refinance on two properties, CH still pending.
• Purchase or have under agreement 2 additional investment properties - signed agreements on 3 properties - plan to close on all within 2 weeks
• Set up all properties as Assets in Quickbooks - be able to print full B/S out of QB - Assets are now set up in QB; however, still not able to print a completely accurate Balance Sheet. Working with consultant on full reconciliation.
• Sign one new JV partner - nothing concrete here but 2 solid leads - in discussion
• Interview at least 3 more banks and select one - interviewed 4 banks, selected one - full conversion of all accounts to take place 1/1/08
• Gym/run at least 4 days per week - check
• Come up with a clever halloween costume - punk rock girl (not very clever!)

November goals:

• Complete refinance on CH property
• Settle on all 3 properties, which are currently under agreement
• Refinance at least 2 of the new properties before month end
• Purchase (under agreement) at least 2 additional properties
• Have new bank set up all new accounts and begin vendor Conversion
• Send preliminary tax information to CPA (full statements out of QB)
• Sign 1 new JV partner
• Make progress on D&B score for both entities
• Determine new corporate structure plan

I found this really did help me this past month. There were things on my October list that I might have let slip (bank/QB), had I not seen this post out there, from time to time.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[AroundTheWorld]

So.... What's up for October?

• Put together a deal involving my MIL house, a Mexican Villa, and a car. Half way there....
• Begin construction on the property we closed on. check
• Pull the sailboat out of the water check
• Due Diligence on a property under contract check. Set to close in a week or two
• Get web site up for internet biz In the works. waiting for others

NOVEMBER:

Uh... rest? I can't believe it is November already. I don't have many goals for the month :bgh:

• Continue construction on property.
• Continue to work on MIL's deal.
• Go to hunting cabin.
• Celebrate 12th wedding anniversary.
• Rest and Rejuvinate.

 

[kidgas]

For November, I plan on taking action that will ultimately lead to the formation of an investment partnership. Yesterday, I sent an email to my accountant and the attorney for the securities division at the secretary of state. I plan to keep progressing through the necessary steps as quickly as possible.

 

[Runum]

October's Goals:

Get my vacant unit cleaned up and rented.
Get my latest property acquistion rehabbed and rented.
Refi an investment property that has a balloon note.
Look for more buying opportunities.
Finish painting my shop.

Well I did get my shop painted.:cheers:
Got my vacant unit cleaned and thought I had it rented. Guy backed out of contract, probably a good thing, still not rented.
Still rehabbing latest acquisition, have a roofer contracted and he still hasn't started on it.
Attempted the refi 2 times this month, still no dice.

November Goals
Keep working on rehab and get 2 of 4 units rented.
Keep looking for refi opportunity.
Keep looking for potential deals.
Finish reading 2 books about buying and selling apartments.

Good luck to all.:cheers:

Greg

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[djs13]

For November, I want to finish editing my auto racing book which has taken forever and then build a basic web site to sell the ebook. I'd also like to learn more about html and start reading some commercial real estate books. By December I want to join my local REI association that meets once a month. I already fulfilled one of my major goals and that was getting my license! :fastlane:Now I just need to get a job, that hopefully entails real estate or business.

Bring on November!:smxB:

 

[andviv]

Yesterday, I sent an email to my accountant and the attorney for the securities division at the secretary of state.

The securities division? for your partnership? I thought it was you and your partner getting together to buy this land.... or is this something else?

 

[kidgas]

Andviv,
I am looking into starting a hedge fund. The land thing is still on track...we have purchased the land and are talking to the engineering firm going through the permit process, etc.

The hedge fund will involve different investors. See my stock collars thread for more info. I want to make sure that all is legal as far as state requirements are concerned. It doesn't look like any federal regulations would impact what I would like to do, but just wanting to check with the state.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[randallg99]

Re: October

I am enjoying this forum as my own personal progressive diary
updates in bold/italics October 9th
updated November 11th. Remember the Veterans.


New goals for October:
November:
[/B]
1. Continue dd for apartment buildings and keeping open discussions with potential investors I have several interested parties and we are ironing out some numbers. We have decided to stay local since we have a good handle on the local economy and the real estate market. I bring time, money and expertise to the deal so I imagine it is not unreasonable to expect a managerial or finders fee or commission.
I have been looking on websites and throwing some ideas around and being cautious at this stage resulting from my convictions about the general markets and liquidity

2. Ramp up revenues for retail businesses
Sales training is paying off. wk1 Oct has improved and I will continue to work diligently to ensure this pattern continues.
October was best month YTD. I am pushing for a stronger November by repeating some tactics and implementing new marketing tactics.

3. Reduce vacancy rates in apartments overseen by property management company
I took a hard stand via email and phone call. Hopefully my dissatisfaction will make them fill the vacancies faster... nice pleading did not work and this is last step. Unless I see improvement, I will be selling my properties in this specific area since finding managers in this area has proven difficult.
done.


4. Address building violations in one of the 4 unit properties
Getting done, but costing an arm and leg.
almost done.


5. Create a think tank to determine a new business (now that the original idea is tossed)
1st meeting held and we are reconvening next week to discuss further after we will have made calls and done initial investigation. We may revisit original idea.
Enlisted 1 person and I have called around the country pumping successful people in the field for ideas


6. Continue to get to my pre-wedding physique/weight of 172. Only 10 more lbs to go
Grey Goose and red bull being my vice has got me riding the hell out of my bike whenever realistically possible... I sprint ride for 40 minutes...side note, I met with a building owner today who is a cancer specialist (Breast and prostate) and said that 60% of female related cancers and 40% of male related cancers are absolutely and positively diet related. I resolved at that moment to increase my fish intake.
still at the current weight for the past month... but that in itself is a feat since wife is pregnant with our 2nd... a little sympathy eating comes with territory


7. Go boating with wife and kiddo
kid is too young, so we went to pumpkin patch instead... also arts and fair thingy... got amazing photos. Still get to spend all day every Sunday with the family. I love it.
been spending alot of time with baby and wife. took a weekend off to DC. Will continue to spend more time with family now that holidays are coming up

8. Pick a couple of brains around here about their options strategies including kidgas and The Edge.
Been paper trading some new options strategies. I like both strategies that kidgas and Edge bring to this forum. They both have very strong positive attributes and this forum would be very smart to learn these strategies to develop significant net worth.
I have been paper trading and I tried to execute a couple of trades. It turns out that timing is extremely crucial to the executions and this is a limited resource for me. I did very, very well with a couple of trades with GNK and DRYS and even did well with a hedge against the profits only to find myself flat on my butt after recent carnage... my goal now is to preserve my capital. Now that I am up 20%+/- YTD, I want to make sure it stays entact and now almost 65% cash. BTW, I am watching very, very closely this week as the markets are showing dangerous signs of further carnage.

9. My committment to increasing my net worth has shifted to being on site in my business and my free time will be spent learning new strategies to increase my stock portfolio. I have about a 25% YTD return despite continuously maintaining a 50% cash position (which amounts to about 50% cash on cash return). My goal will be utilizing a portion of this cash to increase my net worth significantly.
I deployed much cash and increased my exposure to GMO, DRYS and GNK with significant buys. So far so good.
see above regarding equity investing. My real estate plan will continue.

new-
10. move warehouse into more cost effective facility - found a location that will save the company 6k per month.
the move finally completed and exhausted much of my time. Systems all in place and distribution of product is running extremely smooth

11. further develop my website - will be making call to a forum member here once move with warehouse settles... probably next week. Will do this month now that my warehouse move completed

12. hang my real estate license with a broker and sell my properties
done.

13. start keeping an eye out for a new residence for me and my family
because we are in a good position as buyers going into this market as a result of increasing supply, we have began our search very casually.... I believe we will see phenomenal values within another year. Also change of plans now to hold my cash flow producing properties. I will however list an existing pad site on one of my retail locations. Also may list a different retail location now that a Wal-Mart is being built adjacent to property

14. Get a group of investors for real estate project(s)

Randall
10-1-07
10-9-07
11-11-07

one of Brian Tracys quote of the day and this hits the nail on the head-

"A man who dares to waste one hour of life has not discovered the value of life." -- Charles Darwin, British Naturalist

 

[AroundTheWorld]

I didn't post December goals... I guess I was still on the rejuvinate phase...

What Did I Get Done In December?

• Rest
• Rejuvinate
• Spend Time with Family
• Developed plan for 2008

On my plate for January?

• A month in Mexico
• Visit Orphanages
• Visit Family
• Rest
• Rejuvinate
• Read
• Write

And February

• Meetings with Attorneys
• Meeting with Accountant
• Search high and low for personal assistant
• Search high and low for land, land, land
• Search high and low for self-storage for sale
• Obtain TM
• Write Manuals

 

[andviv]

Obtain TM?
do you mean trademarks ?

PS: Enjoy the time in Mexico

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[AroundTheWorld]

yes, I need to trademark a few things...

I would love to post more details about this and get some feedback, but I think I will wait for that "private" forum for this one.

 

[AroundTheWorld]

Whatchall up to these days???

What I got done in March

• De-papered our lives (a work in progress)
• Write a how-to manual
• Help(ing) a friend/tenant start a new biz (with help from Jill.... thanks!)
• Sent work off to a virtual assistant
• Ordered seedlings for the homestead
• Listed properties with exchangor
• Brainstorming a non-profit

On the Plate for April

• Launch the how-to manual
• Build Next Phase in Self-Storage #1
• Find Land for Self-Storage #3
• Pick up the new Ewes with their lambs
• Build a new greenhouse

 

[yveskleinsky]

March:

- Beer and Pancakes Meetup
- quit my job
- researching, researching, researching website challenge areas and fesibility
- weekly meetings with our web designer
- learning as much as I can about affiliate programs, merchant gateways and credit card fraud
- streamlining operation of cabins (as much as possible)
- looking into L/O another cabin- opened contact with agent
- started taking cooking lessons


April:

- Going to visit family in Chicago
- Hopefully begin testing site and identify kinks
- Road trip with my brother

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Russ H]

Past week (since we got back from Beer & Pancakes last Tuesday):

-Got about 6500 square feet of parking area black topped, w/drains and slopes, etc.
-Worked around the clock on consensus w/a group of B&Bs to present a unified front at a City Council meeting (NOT easy-- kinda like herding cats)
-Shuttled back and forth to SF (1.5 hrs ea way) multiple times working on IVF (in vitro fertilzation, to get a a new brother or sister for KT!
-Installed windows in new restoration project, working on finish painting for exterior
-Worked w/one broker re $2M loan, had conference call w/his banker
-Worked w/another bank re $1.9M loan, got them requested P&Ls and other financials
-Talked to our residential mortgage broker about the market, and getting a lot loan
-Got the appraisal for the B&B ($3.5M, bought it for $1.2M about 4.5 years ago)
-Changed our rates aggressively-- twice-- to deal w/lots of openings this Easter weekend (filled them all, save ONE!)
-Fixed plumbing problems in 3 different areas of the Inn & vacation rental
-Dealt w/3 broken window shades (brand new, up less than 5 weeks. Argh!!!)
-Dealt w/some unhappy guests in one of the guest rooms w/plumbing problems (yuck )
-Our best innkeeper told us she had reached her limit while we were on vaca (yikes!)
-Sharon & I are fighting some weird coughing thing-- clear sinuses, but icky wet coughs. Kept Sharon up most of the night this week.
-Met w/the City of Napa Senior Planner and walked around our new project (whew! He just showed up-- thank god I got the asphalting done right after we got back!!)
-Met w/the City of Napa Building Dept to go over a few issues (and got them approved)
-Met w/staff to discuss laying off one housekeeper (she needs to take care of her husband-- heart problems) and hiring another.
-Went to one of our fave restaurants and saw a movie (Horton Hears a Who?")-- gotta have some fun, y'know!

Hmm . . .. that's just the high spots. I'd remember more, but I had next to no sleep last night (KT had a cold), and have averaged about 3 hrs/night most of the week.

Hey, there's an idea . . . think I'll take a nap. . . . :sleep::sleep::sleep::sleep:

-Russ H.

PS Next step w/IVF: Pregnancy test first week of April! :banana::banana::banana:

 

[SteveO]

• Enjoyed networking event
• Played golf on the Big Island (4 rounds)
• Worked with multiple investors and groups to get an investment funded
• Worked on taxes (ugh)

I know it doesn't sound like much but it took all my time.

I took the "red-eye" back from Hawaii. Put my tax information together that day. Then pulled an all nighter with my accountant. Caught a couple hours of sleep and went to a meeting with a potential investor. Not enough sleep for me.

 

[Russ H]

Taxes.

Blech. :icon_toilet:

(no offfense, Diane--love you, just don't love doing those taxes!)

-Russ H.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[JesseO]

Past 96 hours (since we got back from Beer & Pancakes on Tuesday):

-Worked around the clock on consensus w/a group of B&Bs to present a unified front at a City Council meeting (NOT easy-- kinda like herding cats)

-Russ H.

I honestly tried to imagine herding cats You must be good at running and climbing. Where's Peter with the cat pics when ya need him?

 

[imirza]

Things I have done since the Fastlane Meetup

• Made an offer on a motel ( $1.8 mil purchase. Owner will carryback $1 mil). Still in the negotiation process. Owner is willing to provide cashback and I can get 85% financing (SBA). Currently doing due diligence.
• Made an offer on an SFR that is 30% below comps in neighbourhood. Trying to get financing via a program that will use appraised value as price of property and hence loan will be based on that price rather then purchase price.
• Attended my first real estate auction. Surprisingly there were a lot of good deals. Stuff being picked up at 30-50% below FMV. Someone picked up a $4.1 million Scottdale mansion for $1.8 mil.
• Analysed a deal for the purchase of 100 + condos in a downtown Phoenix property. Developer is eager to sell. I decided even at under 60% of market value these condos were still too pricey. And vacancy is pretty high.
• Made an investment in a downtown Phoenix hotel project. Experienced development group and a good return on investment.
• Received an unexpected $804 check in the mail from an employer than I left nearly 3 years back. I love receiving checks in the mail. :love1:
• Best advice I got the last 2 weeks from a magazine . When attempting to accomplish a goal/task and you hit a wall ask yourself "What is the next logical step I have to take in order to accomplish the task at hand ? "

 

[PEERless]

Taxes

Taxes

Wondering how many fastlaners do their own tax returns and how many hire it out. DK told me to get together a crew, complete w/accountant, so I can worry about other stuff.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Runum]

I hire mine out to a DK associate but I still have to spend some time assimilating data to help them out.:cheers:

 

[AroundTheWorld]

Taxes? In April? Are you kidding me? I probably won't even think about taxes until September.

 

[Russ H]

Taxes. DK told me to get together a crew, complete w/accountant, so I can worry about other stuff.

Yup. Been doing that for about 20 years now. But you still need to be in the loop, and have oversight. :coffee:

Daily:

We have daily oversight (just reviewing numbers/summary reports). Since we have about $100K/mo going in/out, we like to keep an eye on things. (5-10 min/day)

Weekly:

Bookkeeper comes in once a week to reconcile accts and catch anything we might have missed. Also does paychecks and other bills--everything except signing checks.

We sign any checks, review any questions (10-90 min/week, avg 15 min/wk).

Monthly:

Bookkeeper: Bank statement recs, payroll taxes, and all loans/HELOCs/Mortgages etc.

We review above and sign any checks, answer or resolve any issues (30 min/month).

Quarterly:

Bookkeeper does Sales Tax and other quarterly reports.

We do oversight, sign forms & checks (20 min/quarter).

Annual:

Accts file all tax extensions (we sign).

Bookkeeper assembles all relevant charts of accts and P&Ls/Balance sheets.

Accts do taxes, based on info we have provided.

We meet w/accts via conferene calls, providing answers to any questions they may have (8-20 hrs ea year).

Occasional:

Assemble and send any requested financials for lenders, investors, etc.

***********

SteveO- any similarities/differences?

-Russ H.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Russ H]

I honestly tried to imagine herding cats
Where's Peter with the cat pics when ya need him?

http://www.youtube.com/watch?v=Pk7yqlTMvp8

 

[Legacy Dad]

Researching Land
Talking With Local Business Owners
Getting estimates
Looking at Financing options
Looking at LLC options
Emailing Around the World daily

Lance

 

[bflbob]

Well, let's see...

We pretty much finished painting the inside of Brenton's house this weekend.
Appliances and carpet/linoleum guy comes in this week.
Plumbing should be done within 10 days or so.
It's been fun building this place from scratch by ourselves.

I put an offer in on the 32-unit boarding house I spoke of at B&P.
The listed at $365k...I offered $340k...they countered at $360k.
Met with the bank on it and they are willing to do 80%.
Contacted the city on some changes I'd like to make on the property.
Still waiting to hear back on that.

Found 2+ acres pre-approved for self-storage.
My banker is looking into some options on financing the development.
In the meantime, I'm looking into vacancy at surrounding units.

I've also been looking into developing a web-based business, similar to Kenric's.
The toughest thing, in my mind, is picking a product to sell.
Kudos to Kenric for finding his product...it's HARD!
I've picked a product idea, and I've been writing a business plan around it.

I'm also re-starting our local Cash Flow Club.
It got set aside when we started building Brenton's house.
I'm looking forward to the synergy these groups provide.

And, of course, I'm trying to rent two vacant apartments while this is going on.
One of them looks like it will be rented quickly, but the other...more work ahead.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[imirza]

Bflbob,

Go to www.thomasnet.com . You will find manufacturers for every product you can think of.

http://www.doba.com/ can connect you with dropshippers - the wholesaler who will ship the products directly to you customers.

 

[GoldenEggs]

I've been working on "social engineering", as our property manager puts it. It's been interesting trying to do this 2000 miles away!

I'm still pecking away at the e-commerce site with updating and finding glitches/things we want to change.

Re-igniting/prioritizing projects/contacts that been on the back burner. We're getting organized, even if it is slow.

Lots of spring cleaning and slowly selling off the excess stuff!

And the biggest action I am taking is still underwraps but I am hoping/praying to have something after 9-10 months!!

 

[Jill]

MARCH:

• Worked 60 hrs/wk at my job (which is part of my fastlane plan since it generates a little extra cash for me each month to invest in the ultimate projects)
• Spent an amazing weekend networking with / learning from other entrepreneurs / investors @ B&P
• Put together/shipped (yes, I finally shipped it!) a starter kit to help ATW set up a protege with a new (ebay) business
• Made my first REI (with one of SteveO's apartments), pending completion of paperwork by my Self-directed IRA custodian
• Initiated talks with some folks to develop a subscription-based web-based service. Currently researching each of our different areas of contribution
• Began analyzing a franchise opportunity that has been extremely successful in our area lately
• Met with my realtor to give him a list of criteria of things to be on the lookout for (pertaining to MFH and self-storage opportunities primarily)
• Brainstormed / researched some "muse" product website possibilities
• STARTED working with a DKA tax advisor on both my corporate and personal taxes. Yuck.

Hmmm. I guess that's all. It doesn't seem like much, when you summarize and bullet it. But it was a pretty darned busy month, between spring landscaping, child's activities, and life in general.

APRIL:

• Read "One Trick Pony" again :smxB: I'm having a little trouble with focus right now.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[kimberland]

March:

- Still at this neverending contract gig
(told the company that May 2nd was my last day
whether they have a replacement or not)
- Finished one synopsis I'm testing in a May Contest
- Volunteered Saturdays doing income taxes
(and giving out financial advice)
for low income taxpayers
(ironically our financial advisor does our taxes)
- Made business cards for a soon-to-be 8 year old
(the neice wanted BUSINESS CARDS for her birthday!)
- Bought some bargain basement priced REITs
- Created landing pages for most of my book advertising,
sent out 20 or more different sizes and dpi's of artwork to advertisers
- Landed a high profile gig as a reviewer on a romance blog
(ironically, my small press romance novel will likely never be reviewed there
but lucky for me, I get traffic from my posts)
- Sent out my first press release for my book

April To Do List:
- Won't be able to resist buying more REITs
- Will nibble at some Cdn bank stocks too, even though it is likely too early to buy
- Finish the second test synopsis for the May contest
- Finish the contract gig (finally)
- Contact blogger buddies for book launch press
- Firefight re: May book advertising
- Last minute edits off the ARC (advanced reading copy)
- Have a mental breakdown

 

[andviv]

April To Do List:
- Have a mental breakdown

Can't you postpone that one to hmmmm Never????
Congrats in finishing that contract gig